Korea to begin preliminary review of US investment projects amid legislative process
Finance Minister Koo Yun-cheol presides over an economy-related ministers' meeting at the government complex in Seoul, Tuesday. Yonhap
Korea will begin preliminary reviews of potential investment projects in the United States as the National Assembly prepares to handle legislation implementing Seoul's investment pledges to the U.S. under a trade deal, the country's top economic policymaker said Tuesday.
Finance Minister Koo Yun-cheol made the remarks during an economy-related ministers' meeting, following the National Assembly's bipartisan approval of a resolution to form a committee that will oversee the legislation of a special bill on investments to the U.S. amid heightened tariff threats.
"While the legislation is proceeding through the normal domestic law-making process, it is not in the national interest for unnecessary misunderstandings or damage to trust to arise between Korea and the U.S. during the implementation of the MOU," Koo said.
Even after the law is passed, additional preparations, such as drafting subordinate regulations, could take around three months before implementation.
In accordance, in the meantime, the government plans to establish a framework for conducting preliminary reviews of candidate projects identified by both sides, within the scope of what is administratively possible, Koo said.
To manage the process, the government will temporarily designate the regular economy-related ministers' meeting as a control tower, according to the minister.
In addition, a pre-review team composed of experts with a high level of experience and specialization will be set up to carefully evaluate the commercial viability and other aspects of candidate projects identified by both countries.
Last month, U.S. President Donald Trump threatened to raise "reciprocal" tariffs and auto, lumber and pharmaceutical duties on Korea to 25 percent from 15 percent, citing a delay in the parliamentary process to pass a special investment bill facilitating the implementation of the trade deal reached by the two countries.
The minister also said the government will continue to strengthen communication with Washington, including fully explaining efforts of both the government and the National Assembly to implement the agreement.
Later in the day, Koo again thanked the bipartisan process in a post on X, formerly known as Twitter, saying that the government will carefully review candidate projects so that Seoul and Washington can achieve "win-win" results.